Four in 10 millennials say they feel overwhelmed by debt, poll finds

Graduates throw their caps at the University of Delaware's commencement ceremony as the future awaits; more than half of millennials in a study say they live paycheck to paycheck.

Graduates throw their caps at the University of Delaware's commencement ceremony as the future awaits; more than half of millennials in a study say they live paycheck to paycheck. (Emily Varisco / Associated Press)

Although 56% said they were living paycheck to paycheck, nearly seven in 10 said they felt better off financially than other members of their generation and expected their standard of living before they retired to be better than that of their parents.

A smaller percentage of women said they are saving — probably because of salary differences — and so more of them feel overwhelmed by their debt.

“The silver lining of the recession that started over five years ago is that a majority of millennials get that saving is a necessity and even equate it with surviving tough times,” said Karen Wimbish, director of retail retirement at Wells Fargo.

“But millennial women are starting out their working lives making far less than men and, as a consequence, are saving less and feeling less contentment at the start of their working lives,” she said.

Overall, 55% of millennials said they are saving money. But just 50% of women said they were saving compared with 61% of men.

About 45% of women respondents reported feeling overwhelmed by debt, compared with 33% of men.

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